Dipendra Agrawal used to run TMS of 15 people, Sebon exposes fraud (with report)

Kathmandu. The Securities Board of Nepal (SEBON) has revealed the fraudulent transactions of Dipendra Agrawal.

Acting Executive Director of Securities Board of Nepal (SEBON) Rupesh KC has prepared an inquiry report on Agrawal’s fraudulent transactions. According to the report, Agrawal collected the shares of Joshi Hydropower Development Company by making false statements about the company and later sold it by inflating the price. He bought 73,307 units of shares of Joshi Hydropower at an average price of Rs 275.74 and sold it at an average price of Rs 342.85.

Investigations have revealed that Agrawal used to trade shares using TMS of 15 people. According to the report, the bank account details of Agrawal and Jyoti Agarwal show that there is no change in the actual wealth of the transactions between the private companies on the basis of the use of the same amount of money used by both of them.

Similarly, the sale of 20,000 units (Rs 4,90,34,000) of Corporate Development Bank owned by Agrawal and his associate Smart Doors Limited and Jyoti Agrawal did not make any difference in the actual ownership. “It would be appropriate to submit the complaint, collected details and files to the Police Headquarters as per the Securities Act for investigation,” the report said.

In its report to the Securities Board of Nepal (SEBON), Agrawal has been demanding a fine of Rs 30 lakh from Cipla Securities for violating the Prevention of Money Laundering Act (PMLA) without updating the details of the real owner of the transaction despite knowing the details of the real owner of the transaction.

According to the report, Shree Krishna Securities found that the customer identity details of Jyoti Agrawal, Savita Agrawal, Meeta Murarka Agrawal and Jai Prakash Agrawal were found to be in violation of the Money Laundering Act (PMLA). Therefore, the Securities Board has been advised to impose a penalty of Rs 10 lakh on the said securities. On this basis, another hand-held financial services company has also been suggested to impose a fine of Rs 10 lakh.